Minnesota bans crypto ATMs effective August 2 after $1 million in reported losses

Minnesota has banned all 201 of its crypto ATMs, effective August 1, 2026, after scams caused residents to lose about $1 million between 2023 and 2025. The law, signed by Gov. Tim Walz, targets schemes that disproportionately affected senior citizens. Operators must deactivate machines immediately and physically remove them by Dec. 31. The move follows similar bans or restrictions in Tennessee and Georgia.

Minnesota crypto ATM ban

• ▪Minnesota Governor Tim Walz signed the bill, SF 3868, into law on May 5
• ▪According to data from CoinATMRadar, 201 crypto ATMs and kiosks were operating in Minnesota before the ban
• ▪The law prohibits crypto ATM operators from installing, operating, maintaining, or making the kiosks available
• ▪A Minnesota law prohibiting virtual currency kiosks in the state took effect on August 1, 2026

Scam losses totaling millions

• ▪Minnesota residents lost about $1 million from scams linked to crypto kiosks from 2023 to 2025
• ▪The FBI's Internet Crime Complaint Center reported over $151 million in losses in Minnesota tied to digital assets or crypto wallets in 2025

Senior citizens targeted disproportionately

• ▪State officials reported that crypto kiosk scams disproportionately targeted senior citizens
• ▪The schemes often involved pressuring victims to send money quickly based on fake emergencies

Nationwide regulatory trend

• ▪Tennessee began enforcing a total ban on crypto ATMs on July 1
• ▪Lawmakers in Delaware and New Jersey have advanced bills proposing similar measures for crypto ATMs
• ▪A Georgia law requiring transaction limits and other restrictions on crypto ATMs also went into effect on July 1

Kiosk removal timeline

• ▪Companies with crypto ATMs in Minnesota were required to deactivate them by August 1, 2026
• ▪Operators have until December 31 to physically remove the machines from locations visible or accessible to the public